4 publishers · first seen Mon, 09 Nov 2026 21:50 UTC · updated Thu, 12 Nov 2026 11:30 UTC
California voters rejected a proposed tax on billionaires, known as Proposition 40, which would have imposed a one-time 5% tax on the net worth of individuals worth more than $1 billion. The measure was defeated with 52.8% of voters opposing it. The opposition was largely funded by Silicon Valley executives, including Google co-founder Sergey Brin, who contributed approximately $102 million. The tax was intended to address healthcare funding shortfalls following federal spending reductions.
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